Luxury Home Buyers Should Get Pre-Approved

August 25, 2011
Loan Pre ApprovalMortgage Pre Approval
Image courtesy of ucps.k12.nc.us
 

It’s a perfect time to buy a luxury home. There is an abundance of properties to choose from, and you can find wonderful deals at discounted prices.

Before you start viewing properties, however, your REALTOR® will want to see a pre-approval letter from your lender that verifies you are financially qualified to buy a multi-million dollar home.

Don’t take this personally. The purchase of a high-end home is a time consuming and complex process. Your REALTOR® needs to make sure that everyone’s time and effort is well spent, and that a successful transaction is possible.

A pre-approval letter protects you too. You might just want to offer a letter from your accountant, attorney or personal banker, confirming your solvency. But this shows the seller that you are more than able to pay the asking price, and leaves you less room to negotiate at the bargaining table.

A smarter strategy is to present a pre-approval letter which simply guarantees that your lender will issue the loan. This will protect your privacy, without disclosing your true buying power.    

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